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SAN DIEGO, June 2, 2011 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio") (Nasdaq:APRI) today announced that Steve Martin has been appointed Senior Vice President and Chief Financial Officer, replacing Mark Westgate, who will serve as a consultant to the Company during a transition period.

Mr. Martin, a certified public accountant, brings over 25 years of financial leadership to Apricus Bio, with significant expertise in growing public companies in a variety of industries, including the life sciences. Since 2008, Mr. Martin served as Senior Vice President and Chief Financial Officer of BakBone Software, a publicly-traded software company. Mr. Martin also served as Interim CEO over the final 10 months with BakBone and through the successful sale of the company that was completed in January of 2011. From 2005 to 2007, Mr. Martin served as Chief Financial Officer of Stratagene Corporation, a publicly-traded company specializing in the development, manufacture and marketing of specialized research and clinical diagnostic products. Mr. Martin's experience also includes the position of Controller with publicly-traded Gen-Probe Incorporated, a life sciences company, as well as 10 years with the public accounting firm of Deloitte & Touche.

Mr. Martin holds a B.S. in Accounting from San Diego State University. In 2011, Mr. Martin was awarded the San Diego Business Journal's "CFO of the Year Award" for Medium Public Companies. He is also the former President and a member of the Board of Directors of the Financial Executives International San Diego Chapter.

"I am pleased to welcome Steve to Apricus Bio and I am sure we will benefit from his vast public company life science experience, as we move the Company to the next level," said Dr. Bassam B. Damaj, Chairman, Chief Executive Officer and President of the Company. "We continue to grow our executive team and I look forward to working with Steve to build Apricus Bio into a commercial stage biopharmaceutical company by increasing the reach of our product partnerships and drug development collaborations."

"I would also like to thank Mark for the many years of service he has provided to NexMed and to the Company's transition to Apricus Bio in San Diego. I wish him well in his future endeavors," continued Dr. Damaj.

About Apricus Biosciences, Inc.

Apricus Bio, a San Diego based revenue-generating pharmaceutical company, has leveraged the flexibility of its clinically-validated NexACT® drug delivery technology to enable multi-route administration of new and improved compounds across numerous therapeutic classes.

Revenues and growth are driven from out-licensing of this technology for the development and commercialization of such compounds to pharmaceutical and biotechnology companies worldwide. In addition, the Company is seeking to monetize its existing product pipeline, including its first product, Vitaros®, approved in Canada for the treatment of erectile dysfunction, which is currently expected to be available on the Canadian market in 2011, as well as compounds in development from pre-clinical through Phase III, currently focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain, Anti-Infectives, Diabetes and Cosmeceuticals among others.

Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to further development products and product candidates, have such products and product candidates approved by relevant regulatory authorities, to successfully commercialize such products and product candidates and to achieve its other development, commercialization and financial goals. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.